How Financial Services Are Becoming More Secure

biometrics for financial services security

The financial services industry has adopted new technologies to protect sensitive customer information. (Photo credit to Google Images)

The following guest post on improving financial services security was submitted by Damien Troy.

As technology improves and continually evolves, security becomes increasingly important. While new technologies being used in businesses and services is generally a positive, it can also leave them vulnerable to the latest cybercrime, such as hacking and identity theft. For services dealing with sensitive personal information, this is particularly important. Financial services such as banks, advisors and short term loan companies, like loanpig.co.uk, all have a responsibility to keep their customers information secure. Here’s how financial services are improving their security.

End-to-end Encryption

End-to-end encryption has been in place within financial services for some time now. Its purpose is to keep important personal information, such as credit card details, private. Whenever a user sends their information to a website, such as by entering their payment details online, they are vulnerable to cybercrime. Once the information has been sent out, the user has no control over it. Encryption scrambles the information, making it illegible should it be accessed by anyone other than the intended recipient. End-to-end encryption makes sure the data is only readable by the sender and the recipient.

Biometric Security

In the future, we could see biometric security being used widely throughout the financial service industry. Biometric security involves using an individual’s biological traits to identify them, for example fingerprint or iris recognition. This technology could be highly beneficial for the financial service industry because it is more secure than a password or PIN code and it could also potentially cut costs by reducing the need for two-step verification via SMS message.

Ransomware Protection

The threat from ransomware is continually increasing, as new schemes are online every day. These attacks are becoming far more sophisticated than a generic phishing email and have the potential to steal large amounts of customers’ personal data. Some examples of more sophisticated ransomware include programs which are able to offer online helpdesks to their victims to gather information. In order to protect themselves from this threat, financial service providers need to be able to identify threats and have a recovery plan in place. In addition, computers need to be kept updated with appropriate security software which is vital for reducing the risk of Trojans and ransomware. Some banks have even gone as far as offering their customers free security software, to help protect their information.

Moving Away From Passwords

Many financial service providers still rely upon generic passwords, such as mother’s maiden name, place of birth. All of this personal information is easily available on social media. Some banks are already moving away from this type of password and instead using one-time only passwords which are sent directly to the customer’s phone each time they want to access their bank or loan provider. The movement towards one-time passwords is a positive step to improving security, but it will take a long time to fully implement them across all the financial service sectors. Some clever marketing strategies will also be required to get customers on board with the process.

Author bio:

Damien Troy is an experienced business man with many years working within the financial sector of business. He has helped many struggling businesses overcome financial difficulty and create success where it looked least likely.

Should Schools Be Using Biometric Technology? Pros & Cons

biometrics in schools

The rise of biometric identification in schools has many questioning the merits and privacy implications to students. (Photo courtesy of pixabay)

The following guest post on the use of biometrics in schools was submitted by Gloria Kopp.

Biometrics are the biological measurements that all people have and that are specific to them alone. Biometric data includes your height, your iris, and your fingerprint, all aspects of yourself that are perfectly visible, but that most people can’t really differentiate on sight. A high-resolution image is required to be able to use an algorithm and compare fingerprints, and truly identify a person. A lot of people can see the benefits of using biometrics in schools to monitor attendance and make entrances more secure, however using data of minors could also be risky. The old adage that you can’t fight progress is incredibly relevant here, as there’s no doubt that biometrics in schools will one day become the norm, the issue is figuring out how it will be implemented in a safe and responsible way.

Pros:

Security

Schools need added security, as the risk of people entering and having unfettered access to minors are significant. Being able to control exactly who comes in and out of a school can create a much more protective environment. “Using biometrics in schools for staff can also make sure that everyone who works at the school is completely honest about their qualifications and history. Everyone wants to make sure that kids are kept safe, and using biometric date for teachers at first and students later could be one way of achieving that goal in schools”, says Amber Coburn, a Data Security Analyst at Academized.

Honesty

If students had to check into an exam using their biometric data, then any concerns about someone taking a paper under someone else’s name, or sending a friend or sibling to do a test for them would be completely eradicated. There would be no choice but to turn up and do your work yourself. This would make everyone’s college application a lot more secure, and there would be less of a need for invigilators or inquests into exam processes or procedure.

Password Protection

More and more student data is stored online and many teenagers often forget their passwords and spend hours wasting time to remember it. Bethanie Wise, an Operation Manager at Paperfellows commented: “There’s also a risk that someone will figure out their password and sabotage their data, or steal their results which will affect their college applications. If a student used biometric data to log in and out of school computer systems then they can’t forget their password, and all of their details are completely confidential and secure. This makes using biometric data doubly efficient”.

Cons:

There has been some backlash towards using biometrics in schools, largely due to privacy concerns. The following are the main arguments against using biometrics in schools.

A Computer Glitch Could Have Serious Consequences

If your child’s data is in anyway confused with someone else’s, they could end up on no fly lists or even wanted lists. It would only take a data entry error to make this happen. “However, the reality of this situation is actually less dramatic than it seems, as a computer error can be easily rectified, and your child’s data can be modified to show who they really are”, – Thomas Green, a Data analyst at Ukwritings, shares his opinion.

Unable To Escape Childish Mistakes

If a school uses biometric data, then they may record every indiscretion, and your child may be haunted by their childish mistakes. The truth is that, with the rise of social media, this is already the case, and employers are generally uninterested in what their staff did as teenagers.
Overall, it seems that biometrics data will eventually be introduced in schools, it’s now just a matter of making sure it’s done responsibly, legally, and morally.

Author Bio:

Gloria Kopp is an educator and an elearning consultant from Manville city. Now she works as a content manager at Big Assignments company. Besides, she is a regular contributor to such websites as Engadget, Huffingtonpost, Boomessays, etc. Read her Studydemic blog.

Three of the Best Ways to Guard Your Business Against Cybercrime

biometric identification management technology to fight cybercrime

Learn more about why biometric identification management is an important tool to help stop the growth of cybercrimes.

The following guest post on preventing cybercrime was submitted by James Daniels.

For businesses today, cybersecurity is becoming an increasingly hot topic. As hackers and cybercriminals become more brazen, no business is safe from these online data thieves, who often have the power to tear a previously successful business apart. Since there is often no coming back from a large data breach, it is crucial for companies of all sizes to ensure that they implement only the best cybersecurity strategies and constantly update these methods in order to remain as secure as possible. We’ve listed some of the best modern and emerging new technologies for business owners and cybersecurity professionals to consider using in order to keep their business safe and secure.

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The Importance of Biometric Identification in Businesses

biometric identification in business

The rising use of biometric identification technology in business indicates that the technology is playing a more important role to protect data and assets.

The following post on biometric identification in businesses was submitted by Simon Parker.

Biometrics have provided a more dynamic solution for business owners, who now have the ability to navigate various complications such as ID Swapping, undocumented access and the regular badge checking as well. Simply put, biometric systems are particular security systems that are integrated with human characteristics.

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Biometric Screening: The Future of Food Processing Technology?

biometric identification managementThis post comes from the writing team at Viking Food Solutions, Australia’s leading supplier of Butcher Shop and Meat Processing Machinery.

Foodborne Illness

We have had many unintentional foodborne illnesses transmitted to consumers this past year. For example, these have come through such companies as Chipolte’s, Wegmans, Dove candies, Trader Joe’s, and a host of others with less notoriety. Foodborne illness is a complex problem involving the producer, the land, equipment used to nurture, harves, and prepare food for transportation, processing and packaging, maintaining product integrity on its way to market, and actual consumer use of the product once received. Continue reading →

Fingerprint Security: Is It Enough?

fingerprint biometrics is stronger than passwords

The rise of biometric identification using fingerprints has many wondering if the technology alone is a sufficient replacement for passwords. Photo courtesy of Pixabay: http://bit.ly/1MUveRi

The following guest post was submitted by Jen Martinson, senior editor for Secure Thoughts.

(M2SYS is a leader when it comes to biometrics and studying its uses in many different fields. Once you start taking a look at their resources, you’ll find yourself engrossed for hours and end with a much greater understanding of the technology).

With a push into the mainstream market on smartphones in the last year or two, fingerprint security is the newest trend that is supposed to keep us safe. While it has been around in higher-grade security systems for years (and in media for even longer), biometric scanning has finally reached a point where it can be reliably and cheaply used in everyday devices, mostly to our benefit. Continue reading →

Biometric Lock Technologies For Smart Homes: Where They Stand Today, And Where They’re Going Tomorrow

biometric lock increases home security

Will biometric smart locks change the future of home security?

The following guest post was submitted by Locksmiths South Perth WA, a local 24/7 mobile service in Australia.

In various industries, biometric security has been standard for years now. Few solutions are more secure because biometrics are difficult to copy or hack. Fingerprints, iris scans, and even facial recognition are common components here. Government and commercial entities rely upon such security measures all the time. Unfortunately, these technologies have been absent from a consumer standpoint. Smart homes are changing that, though.

Biometrics: Bursting Into Consumers’ Lives

Everyone knows about fingerprint and iris scanners from the media. Recently, biometric technology has pervaded into consumer devices. High-end smartphones now come with fingerprint scanners, and two devices feature iris scanners. The rise of smart home technology has brought the same concepts into consumers’ homes. At this point, a lock and key are no longer necessary for controlling access to a home, or even individual rooms. Continue reading →

Android Fingerprint API for App Developers

Android smartphones biometric identification

Biometric identification functionality is becoming ubiquitous on smartphones.

The following guest post was submitted by IndianAppDevelopers.com

Android fingerprint API launched with Android 6.0 will offer a bevy of useful features to integrate new authentication technology for app developers with the apps. To implement this API in your new Android app you need to get the Android SDK first. The SDK Manager then will allow you to download the SDK platform for Android 6.0 and introduce necessary steps. As part of the launching process, Android has also come up with new sample to demonstrate and guide the developers in integrating the API with the fingerprint readers in various devices.
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Answers to Our 2nd Biometric Quiz on Facebook with Explanations

biometric identification technology educational quiz

Answers to our 2nd biometric quiz on Facebook with detailed explanations.

Back by popular demand, we have launched the 2nd edition of our biometric quiz series on Facebook! If you are reading this post and haven’t taken the quiz yet, click on this link  to take the quiz and then come back here to our blog for a detailed explanation of the answers.

We have designed this quiz to test your knowledge of biometrics and clear up any misconceptions you might have about biometric technology. Continue reading →

How Biometrics is Bound To Become a Key Part of Your Life in The Near Future

The use of biometrics for identification will grow in the future.

The growing use of biometric identification management technology will inevitably touch all of our lives.

The following guest post was submitted by Jack Dawson.

The most commonly known and widely used biometrics security system is fingerprint reading. As a result of scientific advancements, biometric security has expanded to include reading heat signatures, eye scanning, facial recognition, use of DNA and vein patterns.

As scientists continue to make more breakthroughs in their instruments and algorithms, we will continue to see more capabilities in biometric science. Continue reading →